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Chattanooga GIG TANK Helps Jumpstart Small Businesses

[ 0 ] Mar. 16, 2013 | SBO Editor

For entrepreneurs and startups looking to take advantage of Chattanooga’s second annual entrepreneurial summer program and the opportunity to work in first American city with a completed smart grid, living fiber network – GIGTANK is still taking applications with an extended deadline of March 24. For more information on how to sign up, visit http://www.thegigcity.com/gigtank/why-gigtank/.

GIGTANK, the only world’s accelerator program that focuses on the utilization of a living fiber network. Chattanooga is the first American city that has completed this type of smart grid network. The program runs from May 13 – August 16, which will include the following:

  • Access to Chattanooga’s “living lab”: The city’s 170,000 businesses and homes are connected to one another by a $300 million, one-gigabit fiber infrastructure, and GigTank participants will have this access at their fingertips.
  • Access to a “tool kit” of unparalleled technology: Participants to the program don’t need to start from scratch. Every participant will have the opportunity to take advantage of GigTank’s “toolkit,” which ranges from existing prototypes in need of startups to enabling technologies that can be combined to create new concepts.
  • Mentors: GigTank is driven by mentors to help accelerate the process of bringing products to market. This year, participants will have access to industry experts from hundreds of companies around the world.
  • Demo Day: Startups will present on Demo Day to crowd of strategic corporations, VCs, angel investors, mentors and media. In 2012, Demo Day had over 500 in attendance. Top performing teams will be taken on a cross-country investment tour as well including Silicon Valley and New York City.
  • Funding: Accepted two person teams receive $10,000, plus another $5,000 if there are three or four founders. Individual specialists receive a $3,000 stipend for the whole summer. Teams can get access to additional prototyping capital from Alcatel Lucent, depending on the focus of the concept. These decisions are made independently by Alcatel Lucent. Promising concepts earn access to a pool of follow-on investment capital up to $150,000 per team.

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Category: Features